Study On The Effect Of Diffrent Types Of Carbon Information Disclosure On Corporate Performance In Polluted Industry

With the world economy developing,the content of carbon dioxide in the earth continues to break records,the greenhouse effect continues to increase,global climate problems are highlighted,and disasters occur frequently.Fortunately,mankind has realized the seriousness of the climate problem and reached an international consensus.As a large and responsible country,China has issued a series of lowcarbon emission reduction policies.In 2021,the government work report of the National People’s Congress and the National People’s Congress clearly stated that it must do a good job in carbon peaking and carbon neutrality.As the micro main body of the market economy,the internal activities of corporates are closely related to carbon.As the main way to alleviate information asymmetry,carbon information disclosure has attracted more and more attention from investors.Existing research shows that carbon information disclosure has an impact on corporate performance,but no consistent conclusion has been reached.Therefore,this article further explores the correlation between carbon information disclosure and corporate performance,hoping to further deepen the understanding of the economic consequences of carbon information disclosure.This article uses 129 listed companies in heavy pollution industries as a sample from 2015 to 2019,divides carbon information into financial and non-fianancial carbon information,and divides corporate performance into financial performance and market performance.Using fixed effects models to explore the correlation between carbon information disclosure and corporate performance,whether there is an intertemporal effect,and further test whether liquidity plays an intermediary effect between the two.The empirical conclusions of this paper show that carbon information disclosure has a significant positive impact on the company’s current financial performance,but no significant impact on the current market performance.Among them,non-financial carbon information disclosure has a significant positive impact on the current financial performance,while financial carbon information disclosure has no significant impact on the current financial performance.They both have no significant impact on current market performance.The intertemporal effects of carbon information disclosure on corporate financial performance are significant,and the intertemporal effects on market performance are not significant;non-financial carbon information and financial carbon information have intertemporal effects on financial performance,and have no intertemporal effects on market performance.Further discussing the mediating effect of liquidity,the study found that liquidity plays a mediating effect between carbon information disclosure and corporate performance,and the mediating effect is an incomplete mediating effect.In the last part of this article,some suggestions are made based on the empirical results.The government should improve and formulate a unified carbon information disclosure policy,improve the transparency of carbon information in China,and strengthen the supervision of corporate carbon disclosure;companies should enhance awareness of carbon disclosure,disclose complete carbon information,and improve internal carbon management systems;further improve the degree of marketization.